BTC is now breaking out of this symmetrical triangle with decent volume (above average). I'm now longing BTC.
Stop loss set around 37K, Profit target 50K. with Risk-Reward Ratio 6.
Another pattern worth looking at is the Three Rising Valleys. The buy signal flashes when breaking out of the horizontal line (2 at the top). The profit target of this pattern is at...
It's currently forming an Ascending Triangle with higher lows and lower highs. In this setup, we expect a decrease in volume while forming this pattern.
This pattern usually breaks out upside 63% of the time.
If it breaks upwards with volume, I'll place a long position. Set the stop loss at the middle of the triangle (at 1.64), my profit target would be around...
Enter this trade during the pullback of this pattern. Stop set at the middle of the right shoulder.
Take Profit measures from the neckline to the Head.
Thoughts:
Decent trade but failed, I executed and take my loss fast.
Record my trades here as my trading journal.
PS: I trade this on Coinbase. COINBASE:MATICUSD
